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Chinese company acquires majority stake in German company Leoni, which has 4 plants in Serbia

08 november 2024

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Chinese company Luxshare is making a significant breakthrough in the German market by acquiring a majority stake in Leoni, which operates four automotive parts plants in Serbia, employing 12 500 workers, BalkanEngineer.com has learned from serbianmonitor.com. The dominance of Chinese companies, especially in the electric vehicle sector, is becoming increasingly evident. While sales of electric vehicles are declining in Europe and North America, Chinese manufacturers, and most notably BYD - a technology leader not only in automotive, but also in electronics, renewable energy and rail - are successfully meeting growing global demand.

 

 

According to the general director of Leoni Serbia, Milos Manic, the change in ownership will not lead to any changes in operational activities and the company will continue to carry out multi-year projects for well-known global car manufacturers. Leoni will also continue its cooperation with 700 local suppliers, with an annual turnover reaching around 40 million euros, which is important for the local economy.

 

 

Photo sources: ©Engineer.BG via Canva

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